Synopsis: A renewable EPC company, through a 50:50 joint venture, has secured an order worth about USD 560 million for a 1,000 MWac solar PV project with a 600 MWh battery energy storage system in Egypt. The win marks its third gigawatt-scale order in the past nine months.
Egypt’s renewable energy push is opening doors for global solar EPC players, and one Mumbai-headquartered company has just landed one of the country’s largest utility-scale clean energy projects, partnering with a leading regional contractor to combine solar generation with large-scale battery storage.
With a market capitalisation of Rs. 5,800 crore, the shares of Sterling and Wilson Renewable Energy Limited were trading at Rs. 256 per share, up 5 per cent from the previous day’s closing of Rs. 244, and were trading at a P/E of approximately 17x.
Order Update
Sterling and Wilson Renewable Energy Limited (SWREL), in a 50-50 joint venture with Hassan Allam Construction, one of the leading contractors in Egypt and the MENA region, has secured an order valued at ~ USD 560 million for the West Minya Solar Power Project in Minya Governorate, Egypt.
The Letter of Award covers a 1,000 MWac capacity Solar PV project integrated with a 600 MWh Battery Energy Storage System (BESS), which, on completion, will rank among Egypt’s largest utility-scale renewable energy developments.
The joint venture will handle the full engineering, procurement, and construction scope for the project, spanning photovoltaic generation facilities, battery storage infrastructure, grid interconnection works, transmission facilities, and all associated balance-of-plant systems.
Commenting on the win, Global CEO Chandra Kishore Thakur said the company was proud to support Egypt’s decarbonisation journey and contribute to strengthening energy security across the wider MENA region. He noted that SWREL’s deep expertise and execution capabilities position it to help unlock the region’s vast renewable energy potential, and that the company remains committed to delivering the project on schedule while maintaining high standards of safety and quality.
He added that this marks the third gigawatt-scale order secured by the company in just nine months, reflecting both the growing scale of PV projects globally and the trust customers place in SWREL’s ability to deliver complex, large-scale solar and storage installations.
Financial Snapshot & Business Overview
Sterling and Wilson Renewable Energy Limited, also an arm of Reliance Industries Ltd (RIL), holds a significant 40% stake and is a global, pure-play, end-to-end renewable EPC solutions provider offering design, engineering, procurement, construction, installation, commissioning, and O&M services for utility-scale and floating solar projects, as well as solar-plus-storage solutions. The company holds an EPC portfolio of 27.3 GWp and an O&M portfolio of 13.5 GWp, with operations spanning 28 countries across India, South-East Asia, the Middle East, Africa, Europe, Australia, and the Americas.
On a consolidated basis for FY26, the company reported revenue from operations of Rs.7,548 crore, up from Rs.6,302 crore in FY25, while operating profit rose to Rs.314 crore from Rs.264 crore. However, the company posted a net loss of Rs.296 crore for the year, against a net profit of Rs.86 crore in FY25, weighed down by a sharp negative swing in other income.
New order inflows have shown strong momentum, climbing from Rs. 4,387 crore in FY23 to Rs.10,062 crore in FY26, with India accounting for 78.3% of the order book and the remainder international. The Egypt win adds meaningfully to this international pipeline, though investors will want to track margin recovery and the path back to consistent profitability.
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